Title: Mongolia’s Achievement: Removed from FATF’s Grey List after Enhancing AML/CFT Framework

October 2020: A significant milestone was reached in Mongolia’s financial sector. The country was removed from the Financial Action Task Force (FATF) Grey List, signifying Mongolia’s commitment and progress in improving its anti-money laundering and counter-terrorist financing (AML/CFT) regime.

Mongolia’s Assessment

According to the 2023 FATF Evaluation Report, Mongolia is compliant with 9 recommendations and largely compliant with 31 out of the FATF’s 40 core recommendations. Mongolia is currently highly effective for zero recommendations and substantially effective for zero recommendations in the areas of effectiveness and technical compliance ratings.

Technical Assistance from the EU

In response to a request from Mongolian authorities, the European Union’s Global Facility on AML/CFT provided technical assistance. The primary focus was to help Mongolia boost its compliance with FATF Recommendation 8. Additionally, they aimed to strengthen Mongolia’s national AML/CFT framework. This support will assist Mongolia in continuing its progress in combating financial crimes.

Benefits of being Delisted

Being removed from the Grey List signals Mongolia’s advancement in creating an environment that reduces the risks for money laundering and terrorist financing activities.

• Mongolia’s economic growth will be sustainable.
• Its standing in the global financial community will be enhanced.

Mongolia’s unwavering efforts to maintain its AML/CFT framework will contribute to its ongoing prosperity.